Net assets and financial position

Net assets and financial position

* included in working capital. A precise definition of working capital is provided in the Management system chapter.

** Prior-year figure adjusted in connection with the discontinued operation PUMA United, see Chapter 24 of the notes to the consolidated financial statements

*** also includes other current and non-current provisions shown in the notes to the consolidated financial statements

Equity ratio

As of the balance sheet date, the equity of the PUMA Group decreased by 37.7% from € 2,828.6 million in the previous year to € 1,760.9 million as of 31 December 2025. In addition to the negative consolidated net income, negative other comprehensive income totalling € 311.1 million contributed to the decline in Group equity, mainly due to negative foreign exchange differences and losses from the hedging of Cash Flows. Total assets decreased by 9.6% as of the balance sheet date from € 7,140.6 million in the previous year to € 6,454.6 million as of 31 December 2025. Overall, this resulted in a decrease in the equity ratio of 12.3 percentage points from 39.6% in the previous year to 27.3% as of 31 December 2025.

Working Capital

Working capital increased by 20.2% as of the balance sheet date from € 1,278.2 million in the previous year to € 1,536.6 million as of 31 December 2025. In relation to sales in the respective financial year, this corresponded to an increase in the working capital ratio from 15.2% in the previous year to 21.1% at the end of 2025. This development was mainly due to the significant decrease in trade payables. In contrast, the decrease in trade receivables had a positive effect on working capital.

On the assets side, inventories increased by 2.3% from € 2,013.7 million to € 2,060.0 million as of the balance sheet date. The increase was partially attributable to withdrawals of inventories from the wholesale business to clean up the distribution channel. This was partially offset by a decrease in procurement orders – a measure to slow down inventory growth and avoid oversupply. PUMA has largely completed the planned inventory withdrawals in 2025 and will manage the product sell-off in a controlled, brand-preserving manner via its own factory outlets and wholesale partners in 2026.

Trade receivables decreased by 26.7% from € 1,246.5 million to € 913.4 million due to the decline in sales in the fourth quarter. The other current assets attributable to working capital decreased by 11.7% from € 516.8 million to € 456.1 million.

On the liabilities side, trade payables decreased by 32.9% from € 1,893.5 million to € 1,271.4 million as a result of the lower purchasing volume compared to the previous year. The other current liabilities and provisions, which are contained in working capital and include, among other things, liabilities from customer bonus and return obligations, increased by 2.7% from € 605.3 million to € 621.5 million.

A precise definition of working capital is provided in the Management system chapter.

* includes adjustments to the disclosure "in % of sales" in the years 2024 and 2025 in connection with the discontinued operation PUMA United, see notes to the consolidated financial statements Chapter 24. The years 2021 to 2023 were not retrospectively adjusted.

Financial liabilities

Borrowings comprised current and non-current borrowings. They increased by a total of € 865.5 million to € 1,353.5 million as of 31 December 2025 (previous year: € 488.0 million).

The composition and residual terms of the financial liabilities for the current financial year are as follows:

The following values resulted for the previous year:

Non-current borrowings included the non-current portion of promissory note loans totalling € 424.2 million (previous year: € 356.4 million). As of 31 December 2025, current borrowings included current borrowings from banks in the amount of € 722.8 million (previous year: € 61.6 million) and the current portion of promissory note loans in the amount of € 206.5 million (previous year: € 70.0 million).

The increase in borrowings by a total of € 865.5 million resulted from the increase in current borrowings from banks and the issuance of new promissory note loans.

The increase in current borrowings from banks by € 661.2 million to € 722.8 million was mainly due to a higher utilisation of the syndicated loan (Revolving Credit Facility) concluded in 2024 in the amount of € 650 million, due to the financing requirements of the Reset measures and the reduced Cash Flows. The credit limit of the syndicated loan has a total amount of € 1.2 billion and a term until 2029. The current utilisation of the syndicated loan will be refinanced to a large extent in 2026 by the utilisation of the bridge financing.

Promissory note loans increased by € 204.3 million compared to the previous year and amounted to a total of € 630.7 million as of 31 December 2025 (previous year: € 426.4 million). In May 2025, a promissory note loan totalling € 210.0 million with a term of four (€ 147.0 million) to six years (€ 63.0 million) was successfully placed. A further promissory note loan of € 65.0 million with a term of two years was issued in November 2025. Conversely, a tranche of € 70.0 million of a promissory note loan was redeemed upon maturity in January 2025.

Other assets and other liabilities

Other current assets outside of working capital include the positive market value of derivative financial instruments and current receivables from leases. Other current assets outside working capital decreased to € 50.8 million, compared to € 160.0 million in the previous year, as a result of lower positive market values of derivative financial instruments.

Right-of-use assets decreased slightly by 1.2% year-on-year from € 1,116.8 million to € 1,103.8 million. The decrease was due to impairment losses on right-of-use assets of € 31.2 million as well as exchange rate effects from the translation of local financial statements into the reporting currency, the euro, of € 90.0 million. Conversely, investments were made in particular in logistics centres and office buildings. As of 31 December 2025, right-of-use assets related to own retail stores totalling € 478.3 million (previous year: € 528.9 million), warehouses and offices totalling € 580.3 million (previous year: € 522.5 million) and other lease items, mainly technical equipment and machinery and motor vehicles, totalling € 45.2 million (previous year: € 65.4 million). The associated current and non-current lease liabilities remained virtually unchanged overall.

Other non-current assets, which mainly comprise intangible assets and property, plant and equipment, decreased by 7.1% to € 1,369.5 million (previous year: € 1,475.0 million) in the past financial year. The decrease in other non-current assets was primarily due to impairments of € 52.7 million recognised in the 2025 financial year, € 41.4 million of which related to the impairment of goodwill. Furthermore, exchange rate effects from the translation of local financial statements into the reporting currency, the euro, resulted in a reduction of € 64.2 million.

Other current liabilities, which in addition to the negative market value of derivative financial instruments amounting to € 109.0 million also included liabilities for the termination of employment relationships as part of the initiated cost-saving measures, increased from € 19.9 million to € 156.9 million compared to the previous year.

Pension provisions reduced to € 25.6 million (previous year: € 27.3 million).

Other non-current liabilities fell to € 30.7 million as of the balance sheet date (previous year: € 33.3 million).